According to annual report of the Central Bank of Nigeria, the Nigeria economy has performed less well in the 1980’s than the 1970’s. Much of the growth in both periods was based on performance of the oil sector. By 1970 oil output stood at 558 million barrels and increased to 823 million barrels by 1973. Between 1975 – 1985, oil output per day averaged between 1.8 and 2.3 million barrels respectively. With the dramatic rise in oil price in 1973 and 1974 oil came to account for 31.9% of growth in real gross domestic products and has since continued to dominate economic performance in Niger sector. Although the aim of the policy was to translate oil revenue into directly productive structures and promote long-term development prospects, the imperatives and political pressure to spend led to consolable waste and to oil boom in construction activities.

          The oil include rise in the exchange rate also gave negative protection to agriculture and eroded it’s significance in the economy from about 40% of the gross domestic product I the early 1970’s to 1980’s. According, food imports which were only 200,000 lorus the 1960’s has increase tremendously to 399,000 tones in 1974, reaching a pear level of 2,441,000 lorus in 1981.

          By 1985 capacity utilization of most industries was below 20% owing to lack of foreign exchanges raw materials and sparse parts. Inflation had also attained an intolerable level. When therefore, the past administration in Nigeria came to power (the Babangida Administration) in August 1985, it looks a critical look at the magnititude of the economic problems facing the nation and in July 1986, it adopted a programme known as Structural Adjustment Programme (SAP) as a means of tackling these preambles.

          The entailed, among other things the diversification of the economics so as to make it more resilient to external forces. The import licensing system was abolished and the inter-bank foreign exchange system was introduced in September 1986 with a view to making the naira achieve a realistic exchange rate. The commodities abroad were abolished and which various government subsidies were either removed or splashed by means of commercialization and privatization; such as telecommunications and electricity.

          Generally, market forces in the allocation of resources replaced administrative controls. Public investments were generally reduced in government owned companies and in some cases such companies were fully privatized. Except in some strategic industries such petroleum liquefied nature gas (LMG) and petrol chemicals.

          Government has rather decided to concentrate on the provision and improvement of basic infrastructural facilities such as roads, water supply, telecommunications and electricity. The overall goal of the economic adjustment is to allocate resources efficiently and to put the economy back to the past glory. It aims to relocate rescues from the public sector to the private sector as that this sector will become more productive thereby becoming the economic foundation of Nigeria’s economy (Ayaji, 1990) foreign investments are those investment that are owned by individuals and corporate bodies from other countries than the host.

          The structural adjustment programme is an array of measures that are instituted with hope of revamping an ailing economy. As it affects the issues of foreign investments, the most important aspect of the structural adjustment programme is deregulation of the exchange rate and liberalizing the procedure for the registration of foreign business in Nigeria. Although the exchange control act was enacted in 1962, it was liberally applied until the outbreak of the civil in 1967.

          The 1968 Act provides that foreign investors had to obtain a business permit and must also obtain a permit to employ foreigners. The enterprises promotion Decrease of 1977 limited the equity participation of foreigners in local enterprises depending on their schedule or category, which such enterprises fall. However, with the introduction of the Structural Adjustment Programme, most of the regulations where released. Foreigner investors could seek and obtain licenses coordination committee (IDCC), bring I their funds and repatriate the profits, without any form of inhibition.

1.2                                    OBJECTIVES OF THE STUDY

The objectives of the study are based on the changes that have taken place in the Nigeria economy during the structural Adjustment Programme in relation to foreign investment ascertaining the impact of those changes. On the economy and also appraise the foreign investment in Nigeria under the structural changes in the direction anticipated by the planning authorities. It is also envision new adjustments in SAP policies and offer suggestions that will enhance the realization of the goal of attracting more foreign investments in Nigeria. The study also examines the relationship that exists between the following:

Foreign investments and gross Domestic Product Items. Foreign investment and value of Nigeria (N) it is expected that the aforementioned objectives of the study will be attained at the end of the study through the hypothesis formulation and testing. Foreigner investment and balance of payment.

1.3                                    SIGNIFICANCES OF THE STUDY

For sometime now the impact of foreign investment on the national economy has become a topical issue in the press, industry and academic circles. The great importance of foreign investments on the economy under scores the need to erratically examine the consequences of the level of foreign investment on the economy. This study will be of a great significance to policy makers who are seeking avenues to evaluate the effectiveness help in the policy monitoring and control process. Research and student will also find study and invaluable reference in advance or future.

1.4                                    STATEMENT OF PROBLEM

It is generally held that the stock capital and the existing level of technology in an economy determine the economy’s level of productivity. For this reason many countries, especially third countries pursue a rigorous industrial policy in order to increase their country’s standard of living. The two ways by which this is accomplished are by participating directly in individual activities and by providing infrastructure for others to invest.

          Due to the dearth of capital in third countries, including Nigeria, they prefer the latter option. They tend to enable both foreign and local investors to participate in the economy. The scenario of attracting foreign investment and local investors has been one of the cardinal points of the structural adjustment programme.

          This study is deigned to examine “the impact these foreign investments have made on Nigeria’s economy under the structural adjustment programme.

1.5                                    HYPOTHESES FORMULATION

As a basic upon which this study is to be conducted, the following hypothesis have been formulated:

1:       The gross domestic product of Nigeria has a positive relationship with the increase    in foreign investment during SAP period.

2:       The gross domestic product of Nigeria has a negative relationship with the        increase in foreign investments during the SAP period.

3:       The value of Naira has not depreciated as result of increase in foreign investment.

1.6                                    SCOPE AND LIMITATION OF THE STUDY

This study focuses on the levels of foreign investment in Nigeria and the way the GDP, BOP and the exchange rate of Naira respond to those increase levels of foreign investment for the period 1984 – 1992 (9 years).

          Attention is mainly focused on the structural adjustment programme. The limitation of this study is that it covers only this period in which information is available in the Central Bank Of Nigeria (CBN).

          For instance, information relating to foreign investment as regards gross domestic product and balance of payment positions where not readily available for 1993, as SAP ended in 1993.

1.7                                    DEFINITION OF TERM

Investment: This is ploughing one’s finance or finds into projects or assets (be it tangible of financial assets) with a view to increasing one’s wealth.

Foreign Investment: Foreign investments are those investments that are owned by individual and corporate bodies from other countries then the host country that is, hose businesses which foreigners maintain controlling shares of which foreigners fully own, can be regarded as foreign investment (Alphonsus, 1991).

Gross Domestic Product: - The gross domestic product is the total value of all goods and services produced in a country usually a year. If the net income from aboard is added to the gross domestic product we get the gross national product.

 Balance of payment:  - The balance of payment of any country is a record of all economic transactions involving countries of the world in any gives period usually in one calendar year.

Foreign Exchange Rate: - The foreign exchange rate is defined as the price of one unit of a foreign currency in terms of a unit of the domestic currency. The exchange rate between the Nigeria naira and the British pound sterling is the number of naira required to buy one-pound starling. (Ewa udu and G.A. Agu 1992).

Private Sector: - The private sector can e defined as that sector of the economy owned by individuals and operated by individuals, that is absence of government ownership.

Mutt National Company: - This refers to a foreign company that has subsidiaries in other foreign investments, National mainly manage its local subsidiaries (WESTOM, 1984).

Devaluation of Exchange Rate: - This is the reduction if the value of a country’s currency with respect to that of another country or countries. It involves a country’s currency depreciating to a certain level, which is always done by country / countries Central Bank so as to correct their balances in the economy.

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How To Write Chapter Three Of Your Research Project (Research Methodology)

  • Methodology In Research Paper

    Chapter three of the research project or the research methodology is another significant part of the research project writing. In developing the chapter three of the research project, you state the purpose of research, research method you wish to adopt, the instruments to be used, where you will collect your data, types of data collection, and how you collected it.

    This chapter explains the different methods to be used in the research project. Here you mention the procedures and strategies you will employ in the study such as research design, study design in research, research area (area of the study), the population of the study, etc. You also tell the reader your research design methods, why you chose a particular method, method of analysis, how you planned to analyze your data.

    Your methodology should be written in a simple language such that other researchers can follow the method and arrive at the same conclusion or findings.

    You can choose a survey design when you want to survey a particular location or behavior by administering instruments such as structured questionnaires, interviews, or experimental; if you intend manipulating some variables.

    The purpose of chapter three (research methodology) is to give an experienced investigator enough information to replicate the study. Some supervisors do not understand this and require students to write what is in effect, a textbook.

    A research design is used to structure the research and to show how all of the major parts of the research project, including the sample, measures, and methods of assignment, work together to address the central research questions in the study. The chapter three should begin with a paragraph reiterating the purpose of research. It is very important that before choosing design methods try and ask yourself the following questions: Will I generate enough information that will help me to solve the research problem by adopting this method?

    Method vs Methodology

    I think the most appropriate in methods versus methodology is to think in terms of their inter-connectedness and relationship between both. You should not beging thinking so much about research methods without thinking of developing a research methodology.

    Metodologia or methodology is the consideration of your research objectives and the most effective method and approach to meet those objectives. That is to say that methodology in research paper is the first step in planning a research project work.

    Design Methodology: Methodological Approach

    Example of methodology in research paper, you are attempting to identify the influence of personality on a road accident, you may wish to look at different personality types, you may also look at accident records from the FRSC, you may also wish to look at the personality of drivers that are accident victims, once you adopt this method, you are already doing a survey, and that becomes your metodologia or methodology.

    Your methodology should aim to provide you with the information to allow you to come to some conclusions about the personalities that are susceptible to a road accident or those personality types that are likely to have a road accident.

    The following subjects may or may not be in the order required by a particular institution of higher education, but all of the subjects constitute a defensible in metodologia or methodology chapter.

    Click here to complete this article - How To Write Chapter Three Of Your Research Project (Research Methodology)


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